Northern Tier Energy sees IPO priced at $19-$21 per unit

(Reuters) - Northern Tier Energy LP expects to sell 16.25 million common units at between $19 and $21 each in its initial public offering.

The downstream energy limited partnership, which had filed for an IPO of up to $200 million in December, will list its common units under the symbol “NTI” on the New York Stock Exchange.

At the midpoint of its expected range, Northern Tier is valued at about $1.47 billion.

The company, which is backed by affiliates of ACON Refining Partners LLC and TPG Funds, has refining and pipeline operations that serve the PADD II region of the United States.

In addition to refining and pipeline operations, the company also runs a retail business that operates convenience stores under the SuperAmerica brand. As of March 31, it operated 166 convenience stores, primarily in Minnesota and Wisconsin.

For the quarter ended March 31, the company reported a net loss of $193.6 million on revenue of about $1 billion.

Goldman Sachs, Barclays and BofA Merrill Lynch are the lead underwriters to the offering, according to a regulatory prospectus.